CMC News

Kraken Parent Payward Buys Hong Kong's Reap in $600M Stablecoin Deal

#Payward Inc., the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies for up to $600 million, the company announced May 7. The deal is structured as a combination of cash and Payward stock, with the equity component priced at a $20 billion company valuation. #Kraken #Stablecoins

The acquisition is Payward's first infrastructure deal in Asia and its third-largest transaction overall, co-CEO Arjun Sethi said. It brings Payward's cumulative spending across three headline deals alone to more than $2.6 billion, following the $1.5 billion purchase of retail futures platform NinjaTrader in 2025 and the recent close of its acquisition of #CFTC-licensed derivatives exchange Bitnomial for up to $550 million.

Reap was founded in 2018 by Daren Guo, who previously led Stripe's Asia Pacific business, and former investment banker Kevin Kang. The firm specializes in cross-border and business payment services that connect traditional financial systems with digital assets. Reap's co-founders said the platform will continue operating as a standalone product after closing, subject to regulatory approvals expected in the second half of 2026. #CryptoPayments